certify
Home arrow Article arrow Article Detail

Avalanche Foundation breaks all-time high by raising $230 million from the sale of AVAX tokens

Profile Image

Rushali Das Follow

INDIA

Sep, 20 2021

Sep, 20 2021

likes | comments 0

Article Image

The Avalanche Foundation conveyed on Thursday that it received a $230 million investment through the private token sale of its AVAX cryptocurrency from a group led by Polychain and Three Arrows Capital.

R/Crypto Fund, CMS Holdings, Dragonfly, Lvna Capital, Collab+Currency, and a group of angel investors also participated in the investment round.

The Avalanche Foundation will use the amount to accelerate the growth of enterprise applications, decentralized finance or DeFi, and other use cases on the Avalanche public blockchain.

“We have been relying on the technology having great organic growth, and now it’s time to supercharge that growth. All the pieces are there,” said John Wu, the President of Ava Labs, a firm making it easy to launch decentralized finance applications on Avalanche.

In the past week, Avalanche’s native token, AVAX, has acquired a 65% gain, outperforming all other top 20 cryptocurrencies. With a market value of about $13.3 billion, it is currently the 14th-biggest crypto in the world. Avalanche, launched in September 2020, counts more than 225 projects building on the platform, including popular DeFi projects such as Tether, SushiSwap, Chainlink, Circle, and The Graph.

Emin Gün Sirer, the director at the Avalanche Foundation, said, “Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers. The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.

Sirer also stated, “When you have a war chest like this, it's a very comfortable situation to be in. We will certainly have partnership announcements coming up. I am really excited about the new unique deployments that are already in the pipeline.” Sirer told Forbes that to focus on Avalanche he had recently stepped down from his teaching position at Cornell University.


likes | comments 0

Profile Image

Rushali Das

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
Aave Acquires Social Metaverse Developer Sonar to Expand Lens Protocol

Aave, a leading open-source, decentralized finance protocol is expanding into Web3 consumer products. The company recently announced their purchase of Sonar, a social gaming application that...;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.